Biogen Inc (NASDAQ:BIIB) Shares Bought by Fred Alger Management LLC

Fred Alger Management LLC boosted its position in shares of Biogen Inc (NASDAQ:BIIB) by 17.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 163,090 shares of the biotechnology company’s stock after buying an additional 24,245 shares during the period. Fred Alger Management LLC owned 0.10% of Biogen worth $51,598,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in Biogen by 2.5% during the first quarter. BlackRock Inc. now owns 16,043,037 shares of the biotechnology company’s stock worth $5,075,698,000 after buying an additional 384,396 shares during the period. Primecap Management Co. CA increased its holdings in shares of Biogen by 5.1% in the first quarter. Primecap Management Co. CA now owns 15,965,989 shares of the biotechnology company’s stock valued at $5,051,320,000 after purchasing an additional 776,508 shares during the period. State Street Corp boosted its stake in shares of Biogen by 0.4% in the first quarter. State Street Corp now owns 8,262,242 shares of the biotechnology company’s stock valued at $2,614,008,000 after buying an additional 30,055 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Biogen by 8.3% in the fourth quarter. Renaissance Technologies LLC now owns 4,569,906 shares of the biotechnology company’s stock valued at $1,356,028,000 after buying an additional 348,700 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Biogen by 2.1% in the first quarter. Geode Capital Management LLC now owns 3,372,294 shares of the biotechnology company’s stock valued at $1,065,558,000 after buying an additional 69,657 shares in the last quarter. 87.45% of the stock is currently owned by institutional investors.

Shares of NASDAQ:BIIB traded down $4.19 during mid-day trading on Wednesday, hitting $264.00. The stock had a trading volume of 342,057 shares, compared to its average volume of 2,131,590. The company’s 50 day moving average is $299.51 and its 200-day moving average is $303.27. Biogen Inc has a 12-month low of $215.77 and a 12-month high of $374.99. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.54 and a current ratio of 1.73. The company has a market cap of $43.13 billion, a PE ratio of 8.26, a P/E/G ratio of 0.57 and a beta of 0.54.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, April 22nd. The biotechnology company reported $9.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.73 by $1.41. Biogen had a net margin of 40.76% and a return on equity of 49.22%. The company had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same period in the previous year, the business earned $6.98 EPS. The company’s revenue was up 1.3% on a year-over-year basis. On average, equities research analysts predict that Biogen Inc will post 33.15 EPS for the current fiscal year.

BIIB has been the topic of a number of research analyst reports. SunTrust Banks decreased their target price on Biogen from $360.00 to $330.00 and set a “buy” rating on the stock in a research report on Thursday, April 23rd. Mizuho reissued a “hold” rating and issued a $316.00 price target on shares of Biogen in a report on Thursday, June 18th. Canaccord Genuity reduced their target price on Biogen from $360.00 to $350.00 and set a “buy” rating on the stock in a report on Friday, April 24th. BidaskClub downgraded Biogen from a “sell” rating to a “strong sell” rating in a report on Thursday, June 11th. Finally, Piper Sandler dropped their price target on Biogen from $307.00 to $260.00 and set a “neutral” rating on the stock in a research report on Friday, June 19th. Seven analysts have rated the stock with a sell rating, seventeen have issued a hold rating and nine have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $306.50.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of plaque psoriasis.

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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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